Shares of U.S. shale producers climbed on Friday as Middle East tensions boosted...
HOUSTON/DENVER - Shares of U.S. shale producers climbed on Friday as Middle East tensions boosted oil prices to an eight-month high, but the bump is likely to prove temporary as companies stay focused on cost-cutting in 2020.
Shares of Centennial Resource Development gained 2.1%, Whiting Petroleum 8.6%, WPX Energy 2.6% and Continental Resources 3.5%. U.S. and Brent crude rose more than 3% on Friday. [O/R] After a decade of poor returns on growing output, U.S. shale producers are cutting spending by 12% to 15% this year. Any improved profit from higher oil prices will likely go toward paying down debt and returning dividends to shareholders, said Richard Spears, vice president of oilfield consultancy Spears & Associates.
The U.S. rig count has fallen 26% in the past year while the number of active hydraulic fracturing spreads has tumbled to 290 from an April peak of 482.
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